While product offerings at HMX Group look better than when it was Hartmarx Corp., it’s too bad the same can’t be said about its financial structure.
According to financial sources, HMX Group is hoping to close on a new financing facility with Salus Capital. Once done, the deal would be the firm’s first new credit facility since being acquired out of the Hartmarx bankruptcy by Indian firm S. Kumars Nationwide Ltd., or SKNL, in August 2009. London-based Emerisque Brands holds a minority stake in HMX Group. Financing at the time was through an exit facility via a consortium led by Wachovia that is typical of firms coming out of bankruptcy proceedings. Wachovia has since been acquired by Wells Fargo.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"